Paphos man loses over 65,000 euros in sophisticated double investment scam

A 60-year-old resident of Paphos, Cyprus, has reported falling victim to a two-stage online fraud scheme resulting in a total financial loss exceeding €65,000. The incident began in early June 2026, when the victim was contacted by a Russian-speaking woman who induced him to invest in oil, gold, and metal stocks through an unknown website. Between June 9 and July 29, 2026, the man transferred €51,326 to various international bank accounts. After the victim observed false profits and failed to reach the woman, he realized he had been defrauded.

On August 3, 2026, the victim was targeted again by an unknown man who claimed to represent a firm specializing in recovering lost funds. This individual promised to recover €280,000 for the victim, leading the man to transfer additional funds between August 3 and August 31 to supposedly facilitate the recovery process. The total loss from both scams reportedly exceeds €65,000. The case is currently under investigation by the Financial Crime Investigation Office of the Paphos Criminal Investigation Department (TAE), which is handling the official complaint filed on October 1, 2026.